XML 39 R28.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2024
FAIR VALUE  
Assets Measured at Fair Value on Recurring Basis

March 31, 2024

Fair Value Measurements Using:

Quoted Prices In

Significant

    

    

Active Markets

    

Significant Other

    

Unobservable

Carrying

for Identical Assets

Observable Inputs

Inputs

(in thousands)

Amount

(Level 1)

(Level 2)

(Level 3)

Financial assets:

Available-for-sale securities:

U.S. Treasury securities

$

29,956

$

$

29,956

$

U.S. GSE residential mortgage-backed securities

164

164

Collateralized loan obligations

50,582

50,582

Corporate bonds

 

12,007

 

 

12,007

 

Loan servicing rights

5,087

5,087

Derivatives

188

188

Total

$

97,984

$

$

92,897

$

5,087

Financial liabilities:

 

 

 

 

Derivatives

$

666

$

$

666

$

December 31, 2023

Fair Value Measurements Using:

Quoted Prices In

Active Markets

Significant  

    

    

for Identical

    

Significant Other

    

Unobservable

Carrying

Assets

Observable Inputs

Inputs

(In thousands)

Amount

(Level 1)

(Level 2)

(Level 3)

Financial assets:

Available-for-sale securities:

U.S. GSE residential mortgage-backed securities

$

201

$

$

201

$

Collateralized loan obligations

50,266

50,266

Corporate bonds

 

10,952

 

 

10,952

 

Loan servicing rights

4,668

4,668

Total

$

66,087

$

$

61,419

$

4,668

Financial liabilities:

Derivatives

$

2,361

$

$

2,361

$

Changes in mortgage servicing rights

    

Three Months Ended March 31, 

(in thousands)

2024

    

2023

Balance at beginning of period

  

$

4,668

$

4,402

Additions

 

557

 

212

Adjustment to fair value

 

(138)

 

(185)

Balance at end of period

$

5,087

$

4,429

Assets Measured at Fair Value on a Non-recurring Basis

December 31, 2023

Fair Value Measurements Using:

Quoted Prices In

Significant

    

    

Active Markets

    

Significant Other

    

Unobservable

Carrying

for Identical Assets

Observable Inputs

Inputs

(in thousands)

Amount

(Level 1)

(Level 2)

(Level 3)

Individually evaluated loans - Multi-family

$

1,180

$

$

$

1,180

Summary of additional quantitative information about level 3 fair value measured at fair value on non-nonrecurring

Range

December 31, 2023

Fair Value

Valuation Technique

Unobservable Input

(Weighted Average)

(Dollar in thousands)

Individually evaluated loans - Multi-family

$

1,180

Appraisal of collateral

Appraisal and

50.00%

    

adjustments (1)

(50.00%)

(1)The appraisal of the underlying collateral property generally includes various significant unobservable inputs (level 3). This was performed by certified general appraisers. Management adjusted the appraisal downward for factors such as the condition of the property and liquidation expenses. The range of other appraisal adjustments and liquidation expenses are shown as a percentage of the appraisal.
Carrying Amounts and Fair Value of Financial Instruments

March 31, 2024

Fair Value Measurements Using:

    

    

    

Quoted Prices In

    

    

    

    

    

    

Active Markets

Significant

for Identical

Significant Other

Unobservable

Carrying

Assets

Observable  Inputs

Inputs

Total Fair

(In thousands)

Amount

(Level 1)

(Level 2)

(Level 3)

Value

Financial assets:

Cash and cash equivalents

$

136,481

$

136,481

$

$

$

136,481

Securities held-to-maturity

 

3,973

 

 

3,751

 

 

3,751

Loans, net

 

1,985,642

 

 

 

1,941,105

 

1,941,105

Accrued interest receivable

 

12,379

 

 

1,198

 

11,181

 

12,379

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Time deposits

 

464,227

 

 

462,372

 

 

462,372

Demand and other deposits

 

1,453,035

 

1,453,035

 

 

 

1,453,035

Borrowings

 

148,953

 

 

147,533

 

 

147,533

Subordinated debentures

 

24,648

 

 

24,740

 

 

24,740

Accrued interest payable

 

2,031

 

176

 

1,855

 

 

2,031

December 31, 2023

Fair Value Measurements Using:

Quoted Prices In

Active Markets

Significant

for Identical

Significant Other

Unobservable

Carrying

Assets

Observable Inputs

Inputs

Total Fair

(In thousands)

Amount

(Level 1)

(Level 2)

(Level 3)

Value

Financial assets:

Cash and cash equivalents

    

$

177,207

    

$

177,207

    

$

    

$

    

$

177,207

Securities held-to-maturity

 

4,041

 

 

3,835

 

 

3,835

Loans, net

 

1,937,541

 

 

 

1,890,113

 

1,890,113

Accrued interest receivable

 

11,915

 

 

1,156

 

10,759

 

11,915

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Time deposits

 

522,198

 

 

520,022

 

 

520,022

Demand and other deposits

 

1,382,397

 

1,382,397

 

 

 

1,382,397

Borrowings

 

128,953

 

 

128,165

 

 

128,165

Subordinated debentures

24,635

26,601

26,601

Accrued interest payable

 

1,724

 

161

 

1,563

 

 

1,724